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☆ Gisele Fetterman, wife of Pennsylvania Sen.-elect John Fetterman, blasts right-wing 'hate' of her and other 'strong women'
▼ + stars: | 2022-11-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Gisele Fetterman, wife of Democratic U.S. Senate candidate John Fetterman, speaks to supporters after her husband’s win in the Pennsylvania Primary election at a watch party in Pittsburgh, Pennsylvania, U.S. May 17, 2022. The wife of U.S. Sen.-elect John Fetterman of Pennsylvania said right-wing misogyny is fueling personal attacks on her by conservative news outlets and on social media. "The right-wing hates women," Gisele Fetterman told The New Republic magazine in a new interview. "They especially hate strong women, and I think that's what you're seeing," said Fetterman, whose Democratic husband currently is Pennsylvania's lieutenant governor. Gisele Fetterman has become her husband's spokesperson since he suffered a stroke in May.

☆ South Carolina Supreme Court agrees to hear appeal by former Trump White House aide Mark Meadows to block grand jury subpoena
▼ + stars: | 2022-11-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Then-White House Chief of Staff Mark Meadows speaks to reporters in the U.S. Capitol in Washington, July 29, 2020. South Carolina's Supreme Court on Monday agreed to hear an appeal by former Trump White House chief of staff Mark Meadows to block a Georgia grand jury subpoena demanding his testimony in a probe of possible criminal interference in the 2020 presidential election. The Supreme Court's action came days after Meadows' lawyer asked it to take the case, and almost a month after a South Carolina judge ordered Meadows to comply with the subpoena from the Fulton County grand jury. But that might not happen given the South Carolina Supreme Court's action. Georgia authorities had to ask a South Carolina judge to compel Meadows' compliance with the subpoena because he lives in South Carolina and not Georgia.

☆ Key House lawmaker calls collapse of crypto exchange FTX 'a dumpster fire' as Financial Services Committee investigates
▼ + stars: | 2022-11-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Rep. Patrick McHenry, a Republican of North Carolina and ranking member of the House Financial Services Committee, speaks during a hearing in Washington, D.C. Ecosystem in limbo," Rep. Patrick McHenry, the top Republican of the House Financial Services Committee said at a hearing examining the safety of the U.S. financial system Wednesday. McHenry, who is the likely incoming chair of the committee if Republicans seize control of the House as expected, announced a bipartisan hearing on the FTX collapse along with current committee Chairwoman Maxine Waters, D-Calif., earlier Wednesday morning. Cryptocurrency lender BlockFi Inc. is reportedly weighing bankruptcy, telling investors it has "significant exposure" to the FTX failure. "And it's time for the regulators to update the rulebook to strengthen protections for consumers and investors as well as safeguards for our financial system and the risk of digital access ecosystem."

☆ Treasury sanctions firms, individuals involved in the transfer of drones from Iran to Russia in Ukraine war
▼ + stars: | 2022-11-15 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Treasury Department announced new sanctions against three firms and two individuals involved in the production and transport of drones from Iran to Russia to aid in Russian President Vladimir Putin's war against Ukraine. The sanctions come as the U.S. and its allies look to punish individuals and organizations supporting Russia's war efforts. In addition, the Treasury issued sanctions against two individuals — Abbas Djuma and Tigran Khristoforovich Srabionov — for facilitating Wagner Group's acquisition of drones. State Department spokesman Ned Price also said Russian officials received training on the UAVs in Iran. The U.S., Britain and France said Iran violated U.N. Security Council resolution 2231 by providing the weapons to Russia.

☆ Senate Banking Committee Chair Brown scrutinizes banking fees as consumers struggle with inflation
▼ + stars: | 2022-11-15 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Senate Committee on Banking, Housing and Urban Affairs scrutinized predatory fees charged by banks and other financial institutions during a Tuesday oversight hearing of regulators. Committee Chairman Sen. Sherrod Brown, D-Ohio, said the biggest banks and credit unions are doing well despite historic inflation and economic uncertainty. He said the overdraft fees charged by some credit unions "can be detrimental to members and inconsistent with the system's mission." Agency examiners are requesting audits of credit union overdraft programs, including information about overdraft policies and procedures. "Our financial regulators have answered that call, and I will continue to work with them to make sure our banking and credit union system works for everyone," Brown said.

☆ Nevada Sen. Catherine Cortez Masto wins reelection over Republican Adam Laxalt, NBC News projects
▼ + stars: | 2022-11-12 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

U.S. Sen. Catherine Cortez Masto (D-NV) speaks at a campaign rally for Nevada Democrats at Cheyenne High School on November 01, 2022 in North Las Vegas, Nevada. Sen. Catherine Cortez Masto, D-Nev., won her reelection bid against former state Attorney General Adam Laxalt, defending a swing-state seat for the Democrats, NBC News projected. Cortez Masto has represented Nevada in the U.S. Senate since 2017, the first Latina elected to the chamber. The former state attorney general replaced the late Sen. Harry Reid, who held the seat from 1987 to 2017. Cortez Masto served two terms as Nevada's attorney general from 2007 to 2015.

☆ Mark Kelly wins Arizona Senate race, bringing Democrats one seat away from majority, NBC News projects
▼ + stars: | 2022-11-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

U.S. Sen. Mark Kelly (D-AZ) and his wife former Congresswoman Gabby Giffords, daughters Charlotte, Samantha and son in law Mark Sudman wave during his election night rally at the Rialto Theatre on November 08, 2022 in Tucson, Arizona. Democratic Sen. Mark Kelly will hold on to his U.S. Senate seat in Arizona, pushing Democrats closer to retaining control of the Senate, NBC News projected. In Nevada, Republican candidate Adam Laxalt was ahead by 1 percentage point with 88% of the votes counted as of Friday morning. Kelly raised and spent vastly more than venture capitalist Masters, bringing in over $81.8 million and spending over $75.9 million through mid-October. He was elected to the Senate in 2020 to finish the term of Republican Sen. John McCain, who died of an aggressive form of brain cancer.

☆ DOJ plans to monitor elections in these 46 cities and counties to ensure voters aren't harassed
▼ + stars: | 2022-11-07 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Justice Department plans to monitor polls in two dozen states across the country to ensure no one intimidates voters or otherwise meddles with Tuesday's midterm elections. The department's Civil Rights Division selected 64 jurisdictions in 24 states, including Alaska, Florida, Georgia and Nevada, for oversight in both the general election and early voting. The division routinely monitors elections in the field, starting in 1965 when Congress passed the Voting Rights Act. DOJ monitored polls in 18 states and 44 cities and counties in 2020, by comparison. Attorneys' Offices and the Office of Personnel Management will assist the DOJ Civil Rights Division in monitoring efforts and maintaining contact with state and local election officials.

☆ Sen. Elizabeth Warren calls Wells Fargo CEO 'evasive,' presses bank for fraud complaints on Zelle payment platform
▼ + stars: | 2022-11-07 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Sen. Elizabeth Warren called Wells Fargo CEO Charles Scharf "evasive," saying the bank's answers to her questions about fraud across the Zelle payment platform were misleading, "insulting and useless." Requests for comment from Wells Fargo and Early Warning Services weren't immediately returned. Jim Seitz, a spokesman for Wells Fargo, told CNBC in October that Warren's analysis is "misleading and inaccurate." Warren also said the reply she received from Wells Fargo was "wholly inadequate given the scope of the problems." "But this assertion, which is an attempt to minimize the impact of the problem at Wells Fargo, is false."

☆ U.S. Commerce Secretary Raimondo doubles down on Biden plan to restrict American companies, and citizens, from helping China make semiconductor chips
▼ + stars: | 2022-11-03 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

U.S. Commerce Secretary Gina Raimondo doubled down on the Biden administration's controversial plan to ban U.S. companies, and citizens, from helping China manufacture advanced semiconductor chips, saying: "We have to protect the American people against China. China, however, is using those chips in military equipment that U.S. officials worry could be used against America, she said. In October, the Biden administration imposed export restrictions on semiconductors manufactured in China by U.S. companies. Commerce also issued license restrictions barring U.S. citizens from working for China's chip manufacturing industry, putting their U.S. citizenship at risk. It is powerful, but it's also targeted to get the national security job done and not punish U.S. companies," Raimondo said.

☆ Biden administration to provide over $13 billion in aid to help American families lower energy bills
▼ + stars: | 2022-11-02 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

The Biden administration is providing over $13 billion in aid to help low- and moderate-income Americans lower their energy costs, including grants to pay electric bills as well other incentives to make energy-efficient upgrades to their homes. The announcement reflects the administration's efforts to lower energy costs amid extreme temperature shifts from climate change. Under the initiative, the Department of Health and Human Services will release $4.5 billion in Low Income Home Energy Assistance Program funding, which helps pay energy bills and energy-related home repairs for families. "We know that winter heating bills account for the largest share of low-income households' home energy needs. The Biden administration will also provide roughly $9 billion to help low- and moderate-income families lower energy costs by making energy-efficient upgrades to their homes.

☆ U.S. banks processed roughly $1.2 billion in ransomware payments in 2021, according to federal report
▼ + stars: | 2022-11-01 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. banks and financial institutions processed roughly $1.2 billion in likely ransomware payments in 2021, a new record and almost triple the amount in 2020, according to a federal financial crimes watchdog. The report reflects a sweeping government effort to identify and report ransomware attacks following the hacking of U.S.-based Colonial Pipeline's IT network in May 2021. FinCEN said there were 1,489 ransomware incidents costing nearly $1.2 billion last year, a substantial rise from $416 million in damages recorded in 2020, according to the report. The agency said four of the overall top five ransomware attacks reported during this period are tied to Russia. In March, Biden signed a measure requiring some businesses to report certain cyber incidents and ransomware payments to the Cybersecurity, Infrastructure and Security Agency.

☆ SEC Chair Gary Gensler defends controversial clawback rule, saying it won't stop companies from going public
▼ + stars: | 2022-10-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: 1 min

A new Securities and Exchange Commission rule that would allow the agency to reclaim bonuses from certain executives should not discourage companies from going public, SEC Chair Gary Gensler said Friday. The "clawback rule" broadens SEC regulators' authority to recover incentive-based compensation to current and former executives of public companies that was awarded based on errors in their financial statements. Gensler told CNBC's "Squawk Box" that the agency is following through on a rule mandated by Congress. "This was a straightforward thing that Congress said," Gensler said. "If you've got the wrong faulty financials and somebody's getting paid on those faulty financials, then they ought not keep the money.

☆ Sen. Warren says big banks fail to prevent 'rampant' fraud on payment platform Zelle, urges CFPB to tighten regulations
▼ + stars: | 2022-10-27 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Truist reported 9,455 fraud and scam claims on Zelle in 2020 and 22,045 in 2021, according to the senator. Its customers are on track to make 160,977 scam and fraud claims on Zelle in 2022. The value of the scam and fraud claims received by PNC, Truist, U.S. Bank and Bank of America exceeded $90 million in 2020. The data that Wells Fargo released revealed that customers reported fraud and scams on Zelle at a nearly 2.5 times higher rate in 2022 than in 2019. "And that is more than twice as high for Wells customers compared to customers of other banks," Warren wrote.

☆ 'We're going to hang you': DOJ cracks down on threats to election workers ahead of high-stakes midterms
▼ + stars: | 2022-10-27 | by ( Chelsey Cox | ) www.cnbc.com time to read: +8 min

That is just one example of the rising number of violent threats election workers in the days leading up to the Nov. 8 midterms. "These threats against election officials continue," Michael McDonald, a professor of political science at the University of Florida, told CNBC. Additional funding from the $1.9 trillion American Rescue Plan can also be used to protect election workers, Polite said. DOJ launched an election threats task force in July 2021 to ensure voters are safe at the polls and to look into the rise in threatening behavior against election workers like Moss. Jared Polis signed an act protecting election workers from threats, coercion or intimidation into law.

☆ U.S. issues fresh sanctions against Iranian officials for 'brutal' crackdown on peaceful protestors following Mahsa Amini's death continue
▼ + stars: | 2022-10-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The U.S. Treasury announced a fresh round of sanctions Wednesday against Iranian officials for brutal violence against peaceful demonstrators as protests following the death of Iranian woman Mahsa Amini continue. The new sanctions come 40 days after the 22-year-old Amini's death in the custody of Iran's morality police. Iranian officials have continued their crackdown on protesters while limiting access to internet services. "The United States is imposing new sanctions on Iranian officials overseeing organizations involved in violent crackdowns and killings, including of children, as part of our commitment to hold all levels of the Iranian government accountable for its repression." Treasury designated 10 Iranian officials, two Iranian intelligence actors and two Iranian entities involved in the Iranian government's efforts to interfere with internet access:Mohammad Kazemi: Commander of the Islamic Revolutionary Guards Corps Intelligence Organization.

☆ Walmart, Disney among top 12 employers that laid off thousands during the pandemic, House inquiry finds
▼ + stars: | 2022-10-25 | by ( Chelsey Cox | ) www.cnbc.com time to read: +6 min

Black hourly workers at Walmart were also reportedly fired twice as often as white hourly workers in 2020, at 19.7% vs. 10.4%. Members of this group were also fired three times as frequently, 19.7%, as Black salaried employees at 6.3% and almost five times as frequently, 19.7%, as white salaried employees at 4%. In comparison, 10.2% of male hourly workers and 12.4% of female hourly workers with access to sick leave quit that year. Chevron's hourly workers did better than salaried workers more than half the time and while Exxon's hourly workers fared better than salaried workers 40% of the time, according to the report. For instance, Walmart generally did not allow hourly workers to use paid time off benefits until after 90 days of employment.

☆ Toymaker Mattel agrees to pay $3.5 million SEC fine for misstatements in 2017 earnings
▼ + stars: | 2022-10-21 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Toymaker Mattel has agreed to pay a $3.5 million fine to settle charges related to misstatements in two quarters of earnings in 2017, the Securities and Exchange Commission announced Friday. The SEC said Mattel "violated numerous professional standards" by understating its tax-related valuation for the third quarter of 2017 by $109 million. Mattel's $109 million tax expense error went uncorrected until its November 2019 restatement. The SEC said Mattel did not admit or deny the findings of its probe. While we're not going to comment on the underlying facts, we appreciate the SEC's recognition of the company's remedial measures," a Mattel company spokesperson said Friday.

☆ TransUnion, Equifax, Experian may have violated credit reporting rules, Rep. Jim Clyburn says
▼ + stars: | 2022-10-17 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

A key Democrat wants credit reporting agencies Equifax , Experian and TransUnion investigated for allegedly failing to respond to consumer complaints during the pandemic. Clyburn asked the chief executive officers of Equifax, Experian and TransUnion in May for the companies' responses to consumer complaints in the early days of the pandemic. The subcommittee partly credited the pause on student loan payments and an increase in pandemic-related identity theft to credit reporting errors. The bureau also cited the credit reporting companies for accepting these findings without an independent investigation. "Errors in credit reports can reduce consumers' credit scores, potentially blocking access to loans, housing, and employment, among other serious consequences."

☆ Treasury's Yellen says Russia's war has weakened its economy 'for years to come'
▼ + stars: | 2022-10-13 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

International Monetary Fund (IMF) Managing Director Kristalina Georgieva (L) and US Treasury Secretary Janet Yellen meet at the Treasury Department in Washington, DC, on July 1, 2021. Treasury Secretary Janet Yellen says Russia's war against Ukraine has weakened its economy and slowed the nation's growth prospects for the foreseeable future. The Treasury secretary hosted a meeting with Valdis Dombrovskis, European Commission executive vice president and trade commissioner, and Paolo Gentiloni, the European commissioner for the economy. The EIU also said a European boycott of Russian oil will further deplete the economy. Sanctions have also effectively rendered Russia dependent on "suppliers of last resort like Iran and North Korea for basic military gear," according to Yellen.

☆ Treasury investigates whether Florida used Covid aid to fly migrants to Martha's Vineyard
▼ + stars: | 2022-10-13 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

Migrants gather after being flown in from Texas on a flight funded by Florida Governor Ron DeSantis at Edgartown, Massachusetts, September 15, 2022. Treasury's Office of Inspector General is investigating whether Florida improperly used pandemic relief funds to fly Venezuelan migrants to the haughty resort island of Martha's Vineyard. They said the Florida Republican's $12 million relocation program is funded in part by interest earned off of the aid. Treasury's Deputy Inspector General, Richard Delmar, told the state Democratic members his office has already asked Florida for information about the state's use of that money. "I applaud the swift response from the Treasury's Office of the Inspector General," he said.

☆ U.S. economy is 'doing well' amid global economic uncertainty, says Treasury Secretary Janet Yellen
▼ + stars: | 2022-10-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

US Treasury Secretary Janet Yellen during an armchair discussion at the Rotman School of Management in Toronto, Ontario, Canada on Monday, June 20, 2022. Treasury Secretary Janet Yellen said Tuesday that the U.S. economy was "doing very well" as rising energy prices, Covid-19 variants and Russia's war with Ukraine have caught global markets in a vice grip. "From the perspective of the United States, I think the United States is doing very well," Yellen told CNBC's Sara Eisen Tuesday. Yellen acknowledged that inflation is too high and that lowering it is a priority for the Biden administration. "The dollar is a safe haven, so when times are uncertain, we experience capital inflows into our safe markets," Yellen said.

☆ Treasury fines crypto company $29.3 million for violating multiple U.S. sanctions, Bank Secrecy Act
▼ + stars: | 2022-10-11 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. The Treasury Department fined a Washington-based cryptocurrency trading platform $29.3 million for violating multiple sanctions, including those prohibiting U.S. companies from doing business with individuals operating in Iran, Sudan, Syria, Cuba and the Crimea region of Ukraine, the agency announced Tuesday. The Treasury's Financial Crimes Enforcement Network division, or FinCen, imposed a total civil penalty of $29.3 million, which covers additional violations under the Bank Secrecy Act. FinCEN also discovered that the company did not maintain an effective anti-money laundering program from February 2014 through December 2018. A sanctions compliance program was not adopted until December 2015, though Bittrex began offering virtual currency services in early 2014.

☆ U.S. officials plan to push for price cap on Russian oil at this week's IMF meetings
▼ + stars: | 2022-10-10 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen talks to reporters during a news conference in the Cash Room at the Treasury Department on April 21, 2022 in Washington, DC. U.S. Treasury officials plan to press ahead at this week's IMF meetings with a cap on the price of Russian oil, despite Wednesday's decision by OPEC+ to cut oil production that's already driven gas prices higher. "We've been working on the price cap for a number of months. G-7 finance ministers announced the price cap last month. The Deputy Treasury Secretary will also consult with senior officials from over 20 participating countries, including Canada, the U.K. and the E.U., on how to redouble those efforts, according to senior Treasury officials.

☆ Treasury's Wally Adeyemo says Biden administration is doing everything it can to combat inflation and recession
▼ + stars: | 2022-09-28 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Deputy Treasury Secretary Wally Adeyemo said Wednesday that the Biden administration is doing everything it can to combat inflation avoid a recession. He added that the administration is working to bring down inflation through a series of measures outlined in the Inflation Reduction Act, the CHIPS Act and the bipartisan infrastructure law. "That will give us the ability to make sure that we have sustainable growth as we come out of this high inflation period." "The spending (in the) Inflation Reduction Act is spent over time, and it's spending that's going to help expand the productive capacity of the economy," he said. He said investments that make the economy more productive, will lead to "better growth outcomes over time."

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